Hogan Lovells, Cleary on Chinese Investment in Western Digital
Shenzhen-based information technology company Unisplendour is acquiring a 15 percent stake in Western Digital for $3.8 billion.
October 07, 2015 at 11:32 PM
2 minute read
Hogan Lovells is advising a subsidiary of Chinese state-controlled Tsinghua Unigroup Ltd. on a $3.8 billion investment in U.S. computer storage company Western Digital Corp.
Tsinghua's Unisplendour Corp. Ltd. is acquiring a 15 percent stake in Irvine, California-based Western Digital through the purchase of new shares at $92.50 each, a 34 percent premium to the stock's $68.87 closing price on Sept. 29, the day before the deal was announced.
In a statement, Western said the money from the investment would go toward strengthening its balance sheet and pursuing long-term strategic growth initiatives. The agreement is subject to regulatory approvals but no date was given for when the transaction would be completed.
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